Once feted as a visionary and philanthropist, Bankman-Fried’s wealth was built on lies
Sam Bankman-Fried still can’t understand what happened to him — or at least that’s what he wants us to think. When the disgraced founder of the FTX cryptocurrency exchange was escorted out of the courtroom following the denial of his bail request last week, he seemed dazed. After all, he was only trying to help — all his money was made in the cause of “effective altruism.” But again, maybe that’s just what he wants you to think.
Just three months ago, 30-year-old Bankman-Fried was the subject of a fawning, 14,000-word profile by the Sequoia Foundation (which Sequoia has since deleted, but the Internet remembers everything). The author of the piece predicted Bankman-Fried would become the world’s first trillionaire, hailing him as the herald of a new economic era.
Now the crypto world’s darling is in prison, facing charges of fraud and money laundering as well as violation of campaign financing laws. If convicted on all counts, he could receive up to 115 years in prison. Currently detained in the Bahamas — where he lives — and facing extradition to the US, his plea for a $250,000 cash bail release was denied due to fear that he would use the opportunity to escape.
How did the crypto world’s wunderkind morph into the crypto world’s Bernie Madoff?
Create a free account to keep reading.
